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Question 1 ( 2 points ) Syntex Company was incorporated January 1 . The following transactions occurred during the year: a . Received $ 5
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Syntex Company was incorporated January The following transactions occurred during the year:
aReceived $ cash from the companys founders in exchange for common stock.
bPurchased land for $ signing a twoyear note ignore interest
cBought two used delivery trucks at the start of the year at a cost of $ each; paid $ cash and signed a note due in three years for $ignore interest
dPaid $ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
eStockholder Tim Thomas paid $ cash for a house for his personal use.
Required:
Analyze each item for its effects on the accounting equation of Syntex Company for the year ended December
Record the effects of each item using a journal entry.
Summarize the effects of the journal entries by account, using the Taccount format.
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